Offering a broad interpretation of the protection afforded law firms by the Supreme Court's ruling in Stoneridge, a New York federal judge on Tuesday dismissed claims against Mayer Brown and partner Joseph Collins, who represented Refco before and during its 2005 IPO. Judge Gerard Lynch concluded that even if Mayer Brown and Collins engaged in fraudulent activity on Refco's behalf, they were not liable to shareholders unless they made misstatements directly to them.
Mayer Brown and Former Partner Escape Refco Shareholder Class Action
The American Lawyer
March 19, 2009